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U.S. Census Bureau
U.S. Bureau of Economic Analysis
NEWS
U.S. Department of Commerce * Washington, DC 20230
U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES
November 2011
Goods and Services
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of
Commerce, announced today that total November exports of $177.8 billion and imports of $225.6
billion resulted in a goods and services deficit of $47.8 billion, up from $43.3 billion in
October, revised. November exports were $1.5 billion less than October exports of $179.4
billion. November imports were $2.9 billion more than October imports of $222.6 billion.
In November, the goods deficit increased $4.6 billion from October to $63.2 billion, and the
services surplus increased $0.1 billion from October to $15.4 billion. Exports of goods
decreased $1.5 billion to $126.6 billion, and imports of goods increased $3.1 billion to
$189.7 billion. Exports of services were virtually unchanged at $51.3 billion, and imports
of services decreased $0.2 billion to $35.9 billion.
The goods and services deficit increased $8.9 billion from November 2010 to November 2011.
Exports were up $16.6 billion, or 10.3 percent, and imports were up $25.5 billion, or 12.7
percent.
Goods (Census Basis)
The October to November decrease in exports of goods reflected decreases in industrial
supplies and materials ($1.6 billion); capital goods ($0.2 billion); other goods ($0.2 billion);
automotive vehicles, parts, and engines ($0.2 billion); and foods, feeds, and beverages ($0.1
billion). An increase occurred in consumer goods ($0.8 billion).
The October to November increase in imports of goods reflected increases in industrial
supplies and materials ($2.7 billion); automotive vehicles, parts, and engines ($0.8 billion);
other goods ($0.6 billion); and capital goods ($0.1 billion). Decreases occurred in consumer
goods ($0.7 billion) and foods, feeds, and beverages ($0.1 billion).
The November 2010 to November 2011 increase in exports of goods reflected increases in
industrial supplies and materials ($6.3 billion); capital goods ($3.5 billion); automotive
vehicles, parts, and engines ($1.6 billion); consumer goods ($0.7 billion); and other goods
($0.3 billion). A decrease occurred in foods, feeds, and beverages ($0.1 billion).
The November 2010 to November 2011 increase in imports of goods reflected increases in
industrial supplies and materials ($13.1 billion); capital goods ($3.5 billion); automotive
vehicles, parts, and engines ($2.9 billion); consumer goods ($1.7 billion); foods, feeds, and
beverages ($1.4 billion); and other goods ($0.6 billion).
Services
Exports of services were virtually unchanged from October to November. Decreases in travel
and passenger fares were mostly offset by increases in royalties and license fees and other
private services (which includes items such as business, professional, and technical services,
insurance services, and financial services). Changes in the other categories of services
exports were small.
Imports of services decreased $0.2 billion from October to November. The decrease was more
than accounted for by decreases in travel and other transportation (which includes freight
and port services). Changes in the other categories of services imports were small.
The November 2010 to November 2011 increase in exports of services was $3.8 billion. The
largest increases were in royalties and license fees ($1.5 billion), other private services
($0.9 billion), and travel ($0.7 billion). Within other private services, the largest
increase was in business, professional, and technical services.
The November 2010 to November 2011 increase in imports of services was $2.1 billion. The
largest increases were in other private services ($1.1 billion), other transportation ($0.3
billion), and royalties and license fees ($0.3 billion). Within other private services, the
largest increase was in business, professional, and technical services.
Goods and Services Moving Average
For the three months ending in November, exports of goods and services averaged $179.3
billion, while imports of goods and services averaged $224.3 billion, resulting in an
average trade deficit of $45.1 billion. For the three months ending in October, the
average trade deficit was $44.3 billion, reflecting average exports of $179.3 billion and
average imports of $223.6 billion.
Selected Not Seasonally Adjusted Goods Details
The November figures show surpluses, in billions of dollars, with Hong Kong $3.2 ($3.0 for
October), Australia $1.5 ($2.1), Singapore $1.0 ($1.0), and Egypt $0.1 ($0.2). Deficits
were recorded, in billions of dollars, with China $26.9 ($28.1), European Union $9.7 ($8.0),
OPEC $9.1 ($8.3), Japan $6.2 ($6.2), Mexico $5.5 ($5.3), Germany $4.7 ($4.3), Canada $3.0
($2.2), Ireland $2.8 ($2.8), Nigeria $2.3 ($1.9), Venezuela $1.9 ($2.3), Taiwan $1.4 ($1.7),
and Korea $1.3 ($1.4).
Advanced technology products exports were $24.9 billion in November and imports were $35.7
billion, resulting in a deficit of $10.7 billion. November exports were $0.5 billion less
than the $25.5 billion in October, while November imports were $0.2 billion less than the
$35.9 billion in October.
Revisions
Census Basis (not seasonally adjusted)
For October, exports of goods were revised up $0.3 billion and imports of goods were revised
up $0.1 billion. Goods carry-over in November was $0.3 billion (0.3 percent) for exports and
$1.6 billion (0.9 percent) for imports. For October, revised export carry-over was virtually
zero. For October, revised import carry-over was $0.2 billion (0.1 percent).
Balance of Payments Basis (seasonally adjusted)
For October, exports of goods were revised up $0.3 billion and imports of goods were revised
up $0.1 billion.
For October, exports of services were revised down $0.1 billion; the revision was more than
accounted for by downward revisions in passenger fares and travel. For October, imports of
services were revised down $0.1 billion, mostly reflecting a downward revision in travel.
NOTICE
Upcoming Changes to the Real (chain-weighted dollar) Series
Effective with the release of the January 2012 statistics on March 9, 2012, the U.S. Census
Bureau (Census) will begin seasonally adjusting selected export and import prices that
previously were not seasonally adjusted. These prices are used in calculating the
chain-weighted dollar series (Exhibits 10 and 11). Chain-weighted dollar statistics for
2010 and 2011 will be revised to reflect this new procedure.
This change will improve the overall quality of the chain-weighted dollar series by removing
identified seasonal patterns. This change also improves consistency between the Census
chain-weighted dollar data and the chain-weighted dollar data published by the Bureau of
Economic Analysis (BEA) in the National Income and Product Accounts. For information on
recent changes to BEA's seasonal adjustment procedures, see "Annual Revision of the
National Income and Product Accounts" in the August 2011 Survey of Current Business, p. 27.
If you have any questions or need additional information, please contact the Special
Projects Branch of the U.S. Census Bureau's Foreign Trade Division on (301) 763-3251.